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Citizens Property Insurance Corporation announced that a surcharge on Florida homeowners insurance premiums will end about two years earlier than originally planned. The assessment has been in place to pay off bonds from the 2005 hurricane season. The surcharge will end as of July 1, 2015. Inital projections would have extended the surcharge until June 30, 2017. Citizens is able to take this […]
The assessment imposed by the Florida Hurricane Catastrophe Fund (FHCF) will end 18 months earlier than previously projected. Governor Scott and the Cabinet voted to terminate the assessment as of January 1, 2015 rather than the scheduled July 1, 2016, end date. The assessment currently is 1.3% of premiums. Insurers add the assessment amount to […]
At the recommendation of the Florida Insurance Guaranty Association (FIGA), the Office of Insurance Regulation has issued an order levying an assessment of 0.9% of net direct written premiums for FIGA’s “All Other” account. This account encompasses most lines of property and casualty insurance other than auto and workers’ compensation. For example, it includes fire, […]
Policyholder groups and other interested parties in recent weeks have been debating various aspects of the coverage provided by Citizens Property Insurance Corporation. These discussions show the challenge of dealing with issues affecting a residual market as large as Citizens in a market as challenging as Florida. In some areas of the state policyholders generally […]
The board of governors of Citizens Property Insurance Corporation considered a proposal Thursday that would have resulted in its charging actuarially appropriate rates for new customers while maintaining the statutorily-imposed glide path for existing customers. The board ultimately decide to give further consideration to the issue before acting. A significant factor in the decision to […]
The Florida legislature did not adopt proposed changes to the size of the Florida Hurricane Catastrophe Fund during the 2012 session. Jack Nicholson of the FHCF developed a proposal he referred to as “right-sizing” the cat fund to ensure it has access to enough resources to pay promised reimbursements without regard to poor global market […]
A proposal to allow surplus lines insurers to remove policies from Citizens Property Insurance Corporation failed in the waning days of the session. Lawmakers considered ways of reducing the size of Citizens, and one proposal that emerged was to allow surplus lines insurers to assume policies from Citizens using a process similar to that used […]
The so-called “right-sizing” proposal of the Florida Hurricane Catastrophe Fund (FHCF) is on the agenda of the Senate Budget Subcommittee on General Government Appropriations today. This proposal would increase the FHCF’s retention over time, and reduce the amount of coverage it makes available to residential property insurers. I have written about this proposal, known in […]
A proposal to reduce the size of the Florida Hurricane Catastrophe Fund (FHCF) remains under consideration in the Florida Senate in the form of SB 1372. A similar proposal exists in the House of Representatives but has not advanced thus far in the 2012 legislative session. This proposal, which has been termed the FHCF “right-sizing” […]
Citizens Property Insurance Corporation has announced that the emergency assessment in effect to pay for 2004 and 2005 storm bonds will remain at 1%. This follows an earlier reduction in the assessment from 1.4% to 1%. Citizens revisits the assessment amount annually to ensure the assessments are generating enough money to retire the bonds. If the […]
